A Non-Banking Financial Company (NBFC) is engaged in the business of loans and advances.
"The requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand," the central bank said in a statement.
Shares of leading gold loan companies Manappuram Finance and Muthoot Finance fell today. Manappuram Finance shares fell nearly 3 per cent to Rs 92 while Muthoot Finance dropped nearly 4 per cent to Rs 338. In comparison, the Sensex was up 0.20 per cent.